Standard Chartered Bank yesterday launched its Shariah-based product Saadiq for its corporate clients in Bangladesh. Earlier the product was for retail customers only.
The Saadiq brand will offer a core comprehensive suite of products related to cash management, trade, term and working capital financing for corporate clients to fulfil their banking requirements in a Shariah compliant way.
“We are extremely delighted to bring the Islamic banking propositions to the market for our valued corporate clients,” said Afaq Khan, chief executive officer (Islamic banking) of the bank, at the launch of the product at Sonargaon Hotel in Dhaka.
Bangladesh is a Muslim majority country, he said. “Around 90 percent people are Muslims. So, the country has an immense potential for the growth of Islamic banking.”
The official said the bank will strictly maintain Shariah compliance in line with the guidelines provided by the bank’s Group Shariah Supervisory Committee and the central bank of Bangladesh.
“We have launched the Shariah compliant wholesale banking value propositions to meet the growing demand in the country,” said Abrar Anwar, managing director and head of origination and client coverage at Standard Chartered in Bangladesh.
“At present 19 percent of the industry assets and 16 percent of the industry deposits are Islamic, which is growing at 25-30 percent annually. So, there is an accelerated demand for Islamic banking products in the market,” said Anwar.
The London-based bank started its Islamic banking operation in Bangladesh in 2004 with consumer banking products under the bank’s group branding Saadiq.
Standard Chartered Saadiq combines the bank’s global network across Asia, Africa, the Middle East, Europe and America and services to clients across Standard Chartered markets.
Saadiq has rolled out more than 250 products and solutions across both consumer and wholesale banking.
Tanvir Haider Chaudhury, director and head of transaction banking, and Jishan Shamsad, director and head of products for transaction banking, were also present.
-With The Daily Star input
